Galaxy Entertainment Group (GEG) said in a statement to the Hong Kong Stock Exchange on Wednesday that its net revenue fell 61 per cent both year-on-year and quarter-on-quarter to HK$5.1 billion (US$658 million) in the first quarter.

Adjusted EBITDA fell 93 per cent both year-on-year and quarter-on-quarter to HK$283 million.

The statement admitted that the first quarter “has been a very difficult period for the community and businesses globally due to the COVID-19 pandemic.”

The statement quoted GEG Chairman Lui Che Woo as saying that “the introduction of immigration and quarantine restrictions has adversely affected visitations to Macau and impacted virtually all business in Macau. However, I am pleased to say that the Macau government has been doing an excellent job to implement a wide range of health, safety and financial measures to minimise the impact of the pandemic and unite society.”

Lui stressed that his company “remains well capitalised,” adding, “We continue with our Cotai development of Phases 4 & 4.”